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Financial

Crown Resorts revenue down 31% to US$1.1bn

Crown Resorts Limited reported statutory revenue of AU$1.5bn (US$1.1bn) for the full year ended 30 June 2021, a 31% year-on-year decline. EBITDA declined by 77% to AU$114.1m. The company reported a loss of AU$261.6m.

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The losses were brought about by the restrictions and health and safety regulations due to Covid-19, as well as the closure of some of the company’s casinos, namely Crown Melbourne and Crown Perth.

“2021 has been a challenging year for Crown, with intense regulatory scrutiny and unprecedented impacts on business operations from the COVID-19 pandemic,” said Jane Halton, Crown’s interim Chairman. “Crown is supportive of the measures taken by State and Federal Governments in response to COVID-19, with our priority being the health and safety of our employees, customers and the community.”

Theoretical revenue for Crown Melbourne was AU$582.5m, with AU$406.9m earned by main floor gaming. Theoretical VIP program play revenue dropped by 98% to AU$4.4m. Crown Perth reported theoretical revenue of AU$742.8m, up 21% on the prior comparable period. Main floor gaming revenue for the venue was AU$478.3m, while non-gaming revenue was AU$264.1m. On 28 December, select non-gaming operations at Crown Sydney opened to the public for the first time in a restricted capacity.

“Crown’s full year results reflect the severe impact on operations from the COVID-19 pandemic,” said Crown’s CFO Alan McGregor. “Crown Melbourne’s gaming operations were closed for a large part of the financial year and, when open, gaming facilities were subject to ongoing operating restrictions.

“Crown Perth delivered strong performance during the financial year. Crown Sydney delivered an overall operating loss for the financial year given the impact of COVID-19 related restrictions, border closures and the limited scale of operations.”

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